A recent press release issued by the European Union confirms that the new EU sanctions will be published on Friday (12 September 2014). These will capture:
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A restriction on the provision of loans to five major Russian state-owned banks.
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A restriction on trade (and related services) in certain financial instruments with a maturity exceeding 30 days issued by certain banks, “Russian defence companies and three major energy companies”.
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A ban on the provision of services necessary for deep water oil exploration and production, arctic oil exploration or production and shale oil projects in Russia.
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An additional denial of exports of certain dual use items to nine mixed defence companies.
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24 additional designated persons (which brings the total of persons subject to sanctions to 119).
In light of the recent cease-fire, the EU Council has also invited the Commission to put forward proposals to amend, suspend or repeal the set of sanctions in force, in all or in part. Whether or not formal steps will be taken in this direction will depend on the success of the cease-fire and other developments on the ground.
